Introducing Economic Development: A Global Perspective

Date: 10/09/2012

INTRODUCTION
Development can be seen as a process of expanding the real freedoms that people enjoy.
People living in a better society having a better standard of living, and vise versa. 40% of the worlds population lives in the era of absolute poverty and some are living in subsistence economy.

Development
The process of improving the quality of all human lives and capabilities by raising peoples levels of living.
The term development may mean different things to different people, so it is important to understand the core perspective on its meaning.

Development Economics
The study of how economies are transformed from stagnation to growth and from low income to high income status, and overcome problems of poverty. More developed countries Less developed countries

Globalization:
The increasing integration of national economies into expanding international markets. Values: Principal standards, or qualities that a society or groups within it considers worthwhile or desirable

Attitudes:
The states of mind or feelings of an individual, group, or society regarding issues such as material gain, hard work and saving for the future. Institution: Norms, rules of conduct and generally accepted ways of doing things.

Income per capita:

Total gross national income of a country divided by total population. Gross domestic product: The total final output of goods and services produced by the countrys economy within the countrys territory.

Functionings:
What people can do with the commodities of given characteristics that they come to possess or control. Capabilities: The freedoms that people have, given their personal features and their command over commodities.

Three core values of Development

Sustenance The ability to meet basic needs, such as food, shelter and clothing that are necessary to sustain. Self-esteem: The feeling of worthiness that a society enjoys, when its social, political and economic systems promote human values such as respect, dignity and self detremintaion

Freedom:
A situation in which society has at its disposal a variety of alternatives from which to satisfy its wants and individuals enjoy real choices according to their preferences.

Three objectives of development

To increase the availability and widen the distribution of basic life sustaining goods such as food, shelter and protection. To raise levels of living, including in addition to higher incomes, the provision of more jobs, better education and greater attention to cultural and human values. To expand the range of economic and social choices available to individuals.

THANK YOU.